After weeks of strong upward movement that pushed the price of $VIRTUAL /USDT towards $2.60, the currency entered a gradual downward trend characterized by lower highs and lower lows. But, has the situation changed?
The current situation tells us:
• Bounce from the Bottom: #VIRTUAL recently witnessed a short-term bounce from the $1.65-$1.70 area, indicating the formation of a local bottom.
• Moving Averages:
• A bullish crossover has appeared between the 7 and 25 moving averages, which is a positive short-term indicator.
• But the biggest challenge lies in the 99 moving average, which is still above the price at $2.03, representing a critical resistance.
• Testing Resistance: $VIRTUAL currently finds itself testing the previous support level that has turned into resistance, around $1.87-$1.90.
Near Future Scenarios:
• Upward Push? If buyers succeed in breaking through the 25 moving average and the horizontal resistance, the price may rise to challenge the $2.00-$2.10 range.
• Potential Decline? Failure to exceed this range may push the price back down towards $1.70-$1.75.
🔍 Key Watch Points:
⚠️ $VIRTUAL is in the process of recovering from a sharp correction, but resistance still remains.
• Reversal Signal: Close monitoring of the $1.90 level, especially the 99 moving average area at $2.03, will be crucial. Any clear breakout of these levels may indicate a true reversal of the trend.
• Volume Factor: Pay attention to trading volume and price movement as it approaches the psychological level of $2.
